 "Stock market: A roller coaster ride for Indian equities")
Markets are likely to open the session on a negative note with the early indicator SGX Nifty showing weakness. Meanwhile, stock specific action is likely to dictate the trend on the bourses with some of the majors including Adani Ports, MRF, TVS Motor and Adani Power are due to slate the results today.
Drop in the crude oil prices on signs that production in the Middle East is continuing to rise is likely to influence sentiments.
GLOBAL MARKET
Asian stocks are trading mixed amid dip in oil prices and strengthening of the US dollar. However, rebound in the US equities has capped the downside. China’s Shanghai Composite is trading higher by 1%. However, Hong Kong’s Hang Seng and Singapore’s Straits Times have lost over 1% each.
Japanese markets are closed today on account of a public holiday.
Overnight, US stocks rebounded as financials gained with Berkshire Hathaway and dollar weakness eased concerns over corporate earnings.
CORPORATE NEWS
Auto stocks are likely to hog limelight as the sales of passenger vehicles — cars, vans and utility vehicles — surged over 12% in April, thanks to the popularity of newly-launched models and a low base effect.
Maruti Suzuki, Hyundai Motor and M&M reported double-digit growth in domestic sales to dealers. Tata Motors reported a growth of eight per cent after months of decline, thanks to the newly-launched Tiago.
Further, Life Insurance Corporation (along with its schemes and funds) increased its stake in all the three listed automobile companies: Maruti Suzuki, Tata Motors and Mahindra & Mahindra and Hero MotoCorp.
Indraprastha Gas Ltd (IGL), the city gas distributor in the Delhi-NCR region, has set up 72 CNG filling stations in the first four months of the current calendar year to meet the rising fuel demand.
HDFC posted a 40% rise in net profit at Rs 2,607 crore for the March 2016 quarter on the back of sale of investments. The housing finance company had posted Rs 1,862 crore profit in the year-ago period.
State Bank of India (SBI) slashed by five basis points its marginal cost of funds-based lending rate (MCLR), the new benchmark to which the pricing of loans are linked.
Motilal Oswal Financial Services reported a 10% year-on-year growth in consolidated net profit to Rs 47 crore. Consolidated revenues for the financial services firm increased 30 per cent to Rs 316 crore.
L&T Finance Holdings posted a 15% increase in its consolidated net profit for the March 2016 quarter at Rs 237 crore. It had posted a net profit of Rs 206 crore in the January-March 2015 quarter.
